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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!
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To: Herm who wrote (11859)11/20/1999 4:16:00 AM
From: Mike Scott  Read Replies (1) of 14162
 
Herm et al,

I've been lurking here for quite some time (this is my first
attempt at a message on this board) and have learned a
great deal. I've reviewed your WINS presentation and I'm
trying to understand your methods. That being said, here is
my situation...

In late August I bought 200 shares of National Semi (NSM) at
29 13/16 and then sold 2 Nov 25C for 6 5/8 on the same day
(the upper BB was tagged and RSI was high, so I sold ITM).
In mid October I bought back my calls for 1 1/2 and then
sold 2 Dec 30's for 4 1/8 (I'm guessing I should have waited
while the stock was going up before I sold calls again).
The stock then started up. I think I jumped the gun. On
11/17 I bought the Dec 30's back for 7 1/8 and then sold 2
Jan 30C for 8. Now the stock is up to 40 3/4.

For the learning experience, how could I have played this
differently and what should I do now. The current chart is
below:

iqc.com

The upper BB has been tagged, the RSI appears to be leveling
off, and the BB are diverging. Do I read a reversal?
Should I wait for the stock price to decline so I can buy
back my calls and start the process again?

Again, this is my first play using your WINS system, and I'd
like your (as well as others) thoughts on my situation. Hope I'm not being long winded.

Thanks in advance and keep up the great work,

Mike
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